JM Financial Limited has released the transcript of its earnings conference call held on Monday, June 1, 2026, to discuss its results for the Quarter and Year Ended March 2026. The transcript is available on the company's website. During the call, the management provided a two-year update on its strategic pivot initiated in May 2024. The Corporate Advisory and Capital Markets (CACM) segment reported a 26% revenue growth over two years, with revenues increasing from ₹592 crore to ₹946 crore, and operating profit before tax growing from ₹328 crore to ₹452 crore, maintaining a healthy 48% margin. Despite market volatility, total fees, commission, and brokerage business saw a 10% year-on-year growth to ₹1,753 crore. The IPO pipeline stands at ₹140,000 crore, though execution is challenging due to geopolitical tensions and FPI selling. The company anticipates the second half of the fiscal year to be better than the first. In Private Markets, the company achieved over ₹270 crore in recovery in FY26, aligning with its guidance of ₹250-300 crore for FY26, FY27, and FY28. This segment reported a PAT of over ₹540 crore for the year, with significant balance sheet derisking. Future focus will be on origination and syndication. The Wealth Management segment saw a revenue growth of close to 17% and profit growth of over 40% in the last two years, with expansion in talent base and focus on improving productivity. Asset Management reported nearly 38% revenue growth, with expansion in equity funds and ongoing marketing for a pre-IPO fund and a credit fund. The Affordable Home Loans business saw strong AUM growth to nearly ₹3,500 crore, with a 37% revenue growth and over 75% profit growth in the last two years, maintaining collection efficiencies at 99% and gross NPA below 1%. Financially, for FY26, reported profit after tax and minority interest increased by 46% year-on-year to ₹1,202 crore, yielding a return on equity of 11.7%. Adjusted for an income tax refund interest of ₹113 crore and statutory impact of new Labor Codes of ₹22 crore, the operating profit after tax increased by 38% year-on-year to ₹1,133 crore. Consolidated net worth stood at ₹10,605 crore, with a book value of ₹111 per share. The company has proposed an aggregate dividend of ₹5.95 per share over the last four quarters, totaling approximately ₹570 crore. The CACM segment closed 41 capital market transactions aggregating ₹95,000 crore in FY26, with a pipeline of 55 IPO filings totaling ₹140,000 crore. Net revenue increased by 11% to ₹789 crore, and operating profit after tax rose to ₹347 crore. The Private Markets segment's operating profit before tax grew 3.5x to ₹742 crore, and operating profit after tax grew 3.6x to ₹543 crore. Wealth Management saw a 9% net revenue increase to ₹775 crore and an operating profit after tax of ₹132 crore. The Asset Management business reported a loss after minority interest of approximately ₹30 crore for FY2026. Affordable Home Loans saw a 25% revenue increase to ₹455 crore and operating profit after tax increase of 45% to ₹74 crore.
